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COMPANY REGISTRATION NUMBER: 01652344
Tan-Y-Clawdd Motors Limited
Filleted Unaudited Financial Statements
30 June 2023
Tan-Y-Clawdd Motors Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
169,486
168,602
Current Assets
Stocks
11,000
11,000
Debtors
6
22,890
21,128
Cash at bank and in hand
101,316
72,984
---------
---------
135,206
105,112
Creditors: amounts falling due within one year
7
57,134
50,894
---------
---------
Net Current Assets
78,072
54,218
---------
---------
Total Assets Less Current Liabilities
247,558
222,820
Provisions
Taxation including deferred tax
42,409
33,849
---------
---------
Net Assets
205,149
188,971
---------
---------
Tan-Y-Clawdd Motors Limited
Statement of Financial Position (continued)
30 June 2023
2023
2022
Note
£
£
£
Capital and Reserves
Called up share capital
100
100
Revaluation reserve
112,553
120,055
Profit and loss account
92,496
68,816
---------
---------
Shareholders Funds
205,149
188,971
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 March 2024 , and are signed on behalf of the board by:
Mr S P Edwards
Mr J P Edwards
Director
Director
Company registration number: 01652344
Tan-Y-Clawdd Motors Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wrexham Road, Johnstown, Wrexham, LL14 1PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
The turnover shown in the profit and loss account represents the value of services provided during the year, exclusive of Value Added Tax.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Land and buildings is comprised of freehold property. Land is not depreciated. Depreciation on other assets is calculated to allocate the cost less residual value over their useful economic lives.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land & Buildings
-
2% straight line on buildings only
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 10 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
193,996
66,161
54,271
314,428
Additions
4,065
3,700
7,765
---------
--------
--------
-------
---------
At 30 June 2023
193,996
70,226
54,271
3,700
322,193
---------
--------
--------
-------
---------
Depreciation
At 1 July 2022
45,175
51,098
49,553
145,826
Charge for the year
2,380
2,869
707
925
6,881
---------
--------
--------
-------
---------
At 30 June 2023
47,555
53,967
50,260
925
152,707
---------
--------
--------
-------
---------
Carrying amount
At 30 June 2023
146,441
16,259
4,011
2,775
169,486
---------
--------
--------
-------
---------
At 30 June 2022
148,821
15,063
4,718
168,602
---------
--------
--------
-------
---------
The freehold property was valued on 24 March 2011 at open market valuation by Mr R G Jones FRICS of Kent Jones.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 30 June 2023
Aggregate cost
43,926
Aggregate depreciation
(25,829)
--------
Carrying value
18,097
--------
At 30 June 2022
Aggregate cost
43,926
Aggregate depreciation
(25,200)
--------
Carrying value
18,726
--------
6. Debtors
2023
2022
£
£
Trade debtors
19,382
19,301
Other debtors
3,508
1,827
--------
--------
22,890
21,128
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
27,398
20,389
Corporation tax
15,189
16,309
Social security and other taxes
11,597
11,345
Other creditors
2,950
2,851
--------
--------
57,134
50,894
--------
--------
8. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets that are debt instruments measured at amortised cost
Financial assets that are debt instruments measured at amortised cost
119,918
92,286
---------
--------
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost
30,347
23,193
--------
--------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr S P Edwards
7
19,943
( 18,000)
1,950
Mr J P Edwards
6
18,180
( 18,000)
186
----
--------
--------
-------
13
38,123
( 36,000)
2,136
----
--------
--------
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr S P Edwards
( 1,857)
34,864
( 33,000)
7
Mr J P Edwards
( 1,857)
34,863
( 33,000)
6
-------
--------
--------
----
( 3,714)
69,727
( 66,000)
13
-------
--------
--------
----